MI HB5830

Authorizes the State Building Authority to acquire, construct, furnish, and maintain state facilities approved through appropriations acts, including power to lease facilities to the state and issue revenue bonds.

Requires contracts for construction, materials, or services exceeding $5,000 to be awarded to the lowest qualified bidder after at least 2 weeks of newspaper advertising.

Allows the Building Authority to issue revenue bonds up to $2,700,000,000 with maturity not exceeding 40 years, payable solely from facility rental revenues and other pledged sources, not state general funds.

Permits interim financing pools for multiple projects with up to 5-year maturities to meet short-term facility financing needs, subject to state administrative board and legislative approval.

Authorizes the Building Authority to enter into interest rate management agreements and allows application of unpledged facility revenues toward other authority obligations or new facility acquisitions.